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20121201
20121231
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the congressional leaders will be there with the president. good afternoon, everybody. i'm tyler mathisen, michelle caruso-cabrera is with us and eamonja javers is joining us. mary. >> tyler, we've been wait in see mode on wall street as investors react to any kind of signs or headlines that come out about possible progress on a deal, a mini deal is what traders are expecting now to avoid going over the fiscal cliff. basically we've been held in about 100 point range from the dow. it is midpoint. as you might expect on the second to last trading day, volume is light. 1 billion shares changed hands. on average we get about 3.2 billion every day. take a look at the vix. it's a measure of fear. yesterday popping above the 20 level. it is something we haven't seen in five months. it is above that right now but, again, it has come off its highs of the day. we do have some movement in the transports today, this in the wake of the news of that port strike has been averted, at least for another 30 days. that was impacting some of the truckers because there was concerns they wouldn't have some inventory to
on "power lunch." michelle, over to you. >> yeah, we are waiting for a lot of stuff, aren't we sue? right now, kevin brady, republican from texas, a deputy whip in the house, joining economic senior member of house ways and means, joining us live from capitol hill. representative brady, let's start with plan b. as a whip, if our audience members doesn't # don't understand what a whip does, you are supposed to help whip up votes. that didn't happen last night. you failed. what went wrong? >> we do. we count noses. try to get 218 unified republican congress to move bills. we weren't able to do that last night. good conservatives in our conference saw the bill in different ways, i thought, 3.9 trillion in tax cuts, new spending cuts. forcing the president to address his deficit crisis. i thought that was a good step forward. >> so you voted for this, absolutely? >> yes, i absolutely would. because for the first time, it would force this president to come to the table with the plan -- >> representative, i'm so sorry. we have to toss to harry reid who has just taken the floor. please stick aro
for wreckless spending in the largest tax hike in american history. >> and michelle, as sue indicated moment ago, we will hear from john bainener a few minutes about the road ahead. but source near the talks told me that likelihood is that both chambers of congress will leave for the weekend. that will give more space for the speaker and president, perhaps if they choose, to negotiate and members would have the opportunity, if they come up with a product, to pass it next week. >> maybe next week. but there is a growing body out of washington that thinks nothing happens until after january 3rd, after boehner, he hopes, is re-elected as speaker of the house. does mean we don't get anything until possibly the 4th? >> there is a chance. members could come back on the 26th or 27th. have a deal and pass it in both chambers. but it is also possible, as you just subjected, that we go over the cliff. we have the first couple of days of the year tax rates having risen, spending cuts having taken effect at least in a limited way and members would be so chastened by the reaction that then they would act. th
're all over it "the kudlow report" starts right now. >>> welcome. i'm michelle caruso-cabrera in for larry kudlow. a lot happened in just the last couple of hours. >> michelle, there's considerably more optimism after the white house meeting between the president and the four bipartisan leaders than there was earlier in the day. mitch mcconnell and harry reid say they're going to come out and try to hammer out a bipartisan deal that can pass the senate with enough republican votes to convince the house to act and even president obama who had been concerned that they were not going to act and challenging them for an up and down vote said he was optimistic. here's the president after that meeting. >> i just had a good and constructive discussion at the white house with senate and house leadership about how to prevent this tax hike on the middle class and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. >> now what would be in that mini deal? we're talking about tax increases for people at near the top of the income scale. the q
? some say yes, others say no. what does michelle caruso-cabrera say. >> tyler, let's drill down to the numbers you were talking about. only four hours to go until america goes over the fiscal cliff. the dow jones industrial average down 113 points. had been down 148 points. look at that as we come on the air back above 13,000 level, not by much. the nasdaq, the biggest decline. 33 points. below 3,000 now at 2957. actually, hasn't been below 3,000 before that. s&p lower by 14 points. a decline of 1%. 1405 so holding onto the 1400 level. president obama is back at the white house. all eyes are on senate lawmakers now. amam jabbers is in washington. >> reporter: president obama did cut his vacation short in hawaii. he has arrived back at the white house this morning. the president emerging from marine one. what he's going to work on here in washington is pretty much anybody's guess at this point. the senate came back into session this morning and senate majority leader harry reid took to the senate floor to explain that he thought a $250,000 and above extension of the tax -- bush t
." i'm jim cramer, and i'll see you tomorrow. >>> good evening. i'm michelle caruso-cabrera in for larry kudlow. this is "the kudlow report." speaker john boehner calls the house back into session for sunday night. that stokes investor hopes for a fiscal cliff deal and this coming just a few hours after harry reid's comments sent the dow into a tailspin. we have complete coverage in this developing story which is happening tonight as we speak. also, as supplies from the obama team, ep achieve lisa jackson stepping down. can the coal companies finally breathe a sigh of relief? guess what happened in britain when the uk banned handguns. the surprising result that could change the gun control debate. "the kudlow report" start ises right now. >>> the big news tonight, still the developments in washington on the fiscal cliff, eamon javers joins us with the details. >> good evening, meshel. capitol hill sources tell cnbc that congressional leaders are planning to go to the white house tomorrow to meet with president barack obama and it is not entirely clear at this point w
for the global markets report. kelly evans is standing by in london. >> michelle, hello. >> you might be here 12-12-2110. >> i think the date is 1221? today is 12-12. 12-21 it when the world ends. i think we've only got nine days left of the global market report. >> i'm worried about the fiscal cliff -- once we get the world -- which is worse? the world ending or the fiscal cliff? >> about the same i think. >> one could bring about the other. >> i think it's no accident they're both approaching. that's how i'm going to read the tea leaves. as you see, a mixed picture this morning. people mostly waiting on the fed decision later today. the major boards green, the ftse adding .25%. the same for the xetera dax and idex. we saw the news of monti's resignation on monday. they've recovered from then. wanted to show the ibex 35, up .3% in spain. there was an italian debt auction that went over well. that's helping sentiment. the owner of zara, one of the strongest retailers in europe, out with sales. you see that their shares are down. even though their nine-month sales figure was up 17% year on year,
.com senior analyst. you don't take a cynical view of this at all, michelle. you think this is all good, for the company, the taxpayers and the customers? >> look, we knew there would be some loss. i this itnk it's time for the government to get out of general motors' business and general motors is ready for them to get out. it still will take time. >> there are people that go and guy a ford because they have a principal against buying something where the government is a big shareholder. >> think that's true to a certain extent. >> ford clearly benefited because it didn't take the money. going forward i'm not sure that's going to make a whole lot of difference. >> i hope ford gets something out it have. what are the tax loss carried forward that gm gets to shelter future profits? do you have just a round number? >> i don't know that off the top of my head. >> it's big. >> joe, it's huge. it's about $48 billion. >> i'd like to have that if i were competing against ford. and we still are not going to be whole on this. we don't add that in to the taxpayer loss, do we? >> no. but there's no
? it is not in the united states. but michelle knows where it is, michelle? >> you have to wait until after the break it find out where, but listen to this combination, tyler. investors desperately chasing the yield. the equivalent of sub prime borrowers and it is raising fears in a key economy. well tell you which one on the other side of the break. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. >>> coming up on "street signs," retail extravaganza. on monday, wal-mart and target. today macy's and sachs. we will talk to karzai as he feels about the government finally exiting gm. and stinky stocks that are soaring. we have a couple su
. michelle franzen stepping back in with more of what we know and still plenty we don't know. >> reporter: a lot we don't know, bill, but were starting to have some numbers and some details start to fit out in this last half hour. what we do know is that the governor of connecticut continues to meet with families who have been skywestered at the nearby family, many that rushed there in that initial hour after hearing about this shooting only to be told that they need to go over and wait over here and, of course, receiving the worst possible news. we're hearing as many as 18 children were killed today by that lone gunman who walked in, and we're also learning about the gunman, a 24-year-old who had evidently at this hour, what we know is that may have gone to that school targeting his mom who worked as a teacher there and entering the school and going to her classroom and opened fire. that's what we know the details right now as well as this community that is just beginning to mourn this tragic, tragic situation here as it unfolds. many other parents who rushed to the school today are bein
-profile blowup of a financial product invested in a pawn shop. cnbc's chief international correspondent michelle caruso-cabrera is here with more on why this could be the tip of the iceberg. >> a financial security known as a wealth management product. gone bust in china. here's the details. a group of investors in shanghai lost the equivalent of $22.5 million that they thought was going to pay them 11% interest in only one year. their money was supposedly invested in a pawn shop, two car dealerships and entertainment ven urg. these investors were supposed to get their principal and whopping interest payment in november. instead, they got zero and started protesting in front of the bank for days. the situation is raising alarms with regulators over there because these wealth management products, wmps as they are nope, are so widespread. more than $2 trillion worth in the chinese bank is system. that's equal to 14% of all deposits in chinach the chinese buy them because they pay way more in interest than cds and savings account. analyst are worried that this failure is tip of the iceberg, more on
right. joe, thank you for phoning in. we appreciate your analysis. tyler and michelle, joe makes a good point about the pain being felt. you are the job creators, and here we are. the impact most borne by them. >> well, i think that's true, and the real paralysis, the hostage quality of the whole debate over the past few months has been disconcerting. we've had so many people come on the air and say give us the level of certainty in taxing policy, spending policy, we will be able to make decisions and move forward, do the projects, hire the people. as long as this is hanging over the economy, it's the great overhang, and who can plan? people can't plan. on estate tax alone as of tuesday, the estate tax she thresholds go from 5,000 exclusion to 30% tax rate. to $1 million and 50% tax rate who can do estate planning. >> and neither side can make any headway. over and over again. you ask the one side, say democrats. if the republicans gave you everything you wanted on tax hikes, do you could any entitlement reform? and the vast majority said no. and you turn to republicans, what if they em
no progress over the holiday weekend. michelle, i'm afraid that people who are looking for a deal and looking for a deal by december 31, all hope is not lost. it is not looking good at the moment. >> let's go back to this hitting the debt ceiling on monday. we learned of this because treasury secretary tim good night mother sent a letter to the honorable harry reid majority leader. and that's where he outline it is fact that in three business days, the summit government is going to run out of borrowing capacity. john, if there were a treasurer in a business who went to their boss and said by the way, three business days, the working capital account dies and as a result, you are not going to make payroll next week, that person would be fired. we get three days notice about hitting the debt ceiling? that seems absurd to me. >> it is not a surprise.rise we have known we were coming to this point and there are two months more -- geithner estimated in that letter that the ways in which the federal government can manage money will give about would months worth of head room, possibly even longer. fe
to you. >> michelle, we had a big debate before the show whether or not the "times" added anything new, other than grtheir granularity. >> you didn't see any direct lines drawn from what was happening in mexico to any current executives at this point. this article did not even mention eduardo castro, who was head of walmart-mexico at this period of time, and who is definitely one of the people in focus at this time. but i think the granularity adds a lot to the picture. do you think the stock is going to move very much, guys, when it opens? i'm not so sure. it doesn't necessarily draw a direct line to any current executives at this point. >> david, you know them well. hard to draw the line. >> it is. and this thing is going to unfold for quite some time. i thought when they did the additional 80,000-word story, they pretty much said everything, but i guess they wanted to come back to it. great reporting on the part of "the new york times." today's anecdotes about the store right there, very interesting. we'll see. as we all know, the stock had a historic rally after that story. >> the
of america merrill lynch global research senior research economist michelle mire and we'll talk through everything that's been happening through jobs and what to expect. but first, there is a developing story. an earthquake off the northeast coast of japan triggered a tsunami warning. the warning has been lifted, but it was a 7.3 quake. so far no reports of any injuries or damage. it was for the same area devastated by an earthquake and tsunami back in march of last year. we will continue to bring you any developments. in the meantime, steve has some of the morning's top other stories. >> let's start with the markets. asian stocks rallying to 2012 highs overnight. the nikkei edging lower after hitting a se hitting hitting a seven month closing high yesterday. european trading, shares seem to be fwllat. bundesbank announced it had cut its growth outlook for the country. in the u.s., the nasdaq snapped its losing streak yesterday with its first gain in five days. the dow was on pace for its third straight weekly gain. u.s. equity futures at this hour -- we don't have them. maybe joe has t
us for more, michelle kozinski. good to see you. give us a sense of the scale of international media. i don't think i've seen a paper this morning from around europe that hasn't got their picture on the front pain. >> right. you can't dozen it that this is huge global news. all over the tabloid press, magazines, fwgossip columns sin the day they've walked down the aisle. so even though you felt like you needed to give a bit of a disclaimer there since it's a morning show you felt it right that you you should mention it, but you can't deny this is big. minutes after the announcement was officially made by the palace yesterday afternoon, there were photos, composite photos that were being compiled online. imagining what this child will look like. there was immediately a twitter handle called i am royal baby. around the u.s. where of course we know the royal family is enormously popular, cities around the country are asking for live shots from london. this is just one of those things that gives people something to pay attention to. and it is happy news, although it does come with the un
higher. let's go to michelle in florida. >> caller: jim, i look forward to your show every week night, it's enlightening and energizing. i have noticed that retail sales are up in china almost 15% and i would love to hear your thoughts about retail stocks and your exposure in china such as tiffany. >> i'm not a fan of tiffany. that stock has been a very, very difficult stock. i do think that you want to look at pch because of the warm weather in america, but on calvin klein, that's the one i think you ought to look at. got to come in, warm weather is going to cause everybody to have jitters. i wish we could forget about politics. until we get a deal, it's bad news for themarket. even for cheap stock like apple. "mad money" will be right back. >>> tonight, two companies with break through products that are leading the charge. cramer is talking to the ceos of immunojet and seattle genetics, just ahead. and later, reenergized in pipelines, they're america's energy toll road and they can provide investors with a secure source of dividends, but his investment in north dakota's oil rich back an
for the economy. michelle myers joins us on set for the rest of the hour. michelle, is this the best we can do, 2.1%, something growth like this? >> yeah. we're looking for pretty slow growth, as well. for q4, we're tracking just above 1%. retail sales were above expectations. the trade data was supportive of q4 growth. we're ending the year on a soft note and heading into early next year, a lot of it will be driven by what we get out of washington. we're in the camp that we're going to have some significant austerity hits early next year. so personal income is going to set lower. consumer spending is going to struggle a bit. it will be offset from rebuilding of sandy, perhaps some clarity around the fiscal cliff if we get some resolution will help business investments. >> and to this point, it's been the consumer holding it up. if consumer spending starts to slow down, do they pull in the reins, anyway? >> that's the key question. if you think that businesses have cut even above and beyond that was needed giveng the trends and demand, you would argue there is pent up demand. but if you think tha
. is this the canary in the coal mine for a chinese banking crisis? our michelle michelle caruso-cabrera is here with more. >> we're absolutely raising a red flag about a potential blowup within the chinese banking system. a financial product sold to investors in shanghai last year which was supposed to pay interest between 11% and 13% in one year, when it came due in late november, investors got zero, nothing. they lost both principle and interest. $22.5 million worth in total. the money was supposed to be invested in a pawnshop, two car dealershi dealerships, and entertainment venue. the investors who claimed they were told the product was risk free protested in front of the bank for days. those protests made headlines across the country. analysts believe this is the first time this type of product known as a wealth management product or a wmp has gone bust and so publicly. wealth management products are wildly popular in china because investors get higher interest rates than from savings accounts or cds. remember, the government controls interest rates in china. right now they're below the ra
predictions report and expect to see a rapid level of cyber-threats in the coming year. michele is the privacy officer of mcafee. good morning. >> good morning to you. >> strikes me as we all go mobile, talk about opening a new doorway for thieves and criminals to enter, what does that mean for threats in the new year? >> it's really interesting. mobile is one of the places we're seeing a lot of new attacks. there's a couple deficit vectors for the attacks. the bump and steal attack. nfc, how you do mobile wallet. crooks are able to walk through crowds and literally bump into your phone and steal information from your phone. that's one of the attacks. the other thing is your telephone has turned into a powerful computing device and like you protect your pc and other devices, you need to think about protection on the phone itself from traditional hacking exploits. >> one of your predictions is a new mobile worm will go on a major shopping spree. you said digital wallet, you mentioned them already. we're getting used to paying with square or new google wallet. they have to be in some way putting
. the e-mail address is real. the twitter thing i'm less -- >> he was actually e-mailing with michelle cabrera -- >> what's weird about his tweets? >> he's tweeting. he's tweeting it all. he's big on apple. >> and he -- >> he said he went on, i'll pick it up -- >> he doesn't have a social person like we have here telling me to tweet? he -- someone could be telling him he needs to tweet every day now. >> correct. >> might be him. he might have just started tweeting, right? >> he was using hash tags right away. >> i never used a hashing to. >> it seemed like he knew what he was doing. >> robertson writes, "refuses to retire, go to court, or abandon my tiger cubs. author and husband who just misses his life partner. salisbury, north carolina." you would think that's him. has picture and everything there. >> you would. >> i mean, how could anybody know that about him or get his picture? >> right. >> yeah. that could easily do that, but it would be mean to talk about life partner. >> he says apple is the stock of 2013. one of his tweets. mentions maria bartiromo, says did an interview with
right. thanks for that. that's the latest. meanwhile president obama and michelle obama paid tribute to this year's recipients of the kennedy honors. they're recognized for contributions to the arts. >> when the brits in additionally kept their distance, led zeppelin grabbed america from the opening. we were ready for what jimmy called songs with a lot of light and shape. it's been said that a generation of young people survived teenage angst with a pair of head phones and a zeppelin album and a generation of parents wondered what all that noise was about. >>> in the united states today, november ism manufacturing index out at 10:00 eastern. forecast for a reading of 51. also october construction spending. expected to rise half a percent. and james bullard speaks about the monetary policy at 1:40 p.m. a pretty light day for earnings. look for results from pep boys. they are after the close. as far as u.s. futures are concerned right now, we are implied for an upward start. s&p 500 called up 1.5 points, nasdaq 20. dow has been down last two months #%. nasdaq up about 1%. s&p up 0.3%.
to bring in michelle caruso-cabrera as markets close in the uk and across europe. a lot going on. a lot in italy. >> it's an all-italian version of the european close right now, carl. mario monti, contrary to reports last week that he did not want to run for prime minister again, we now hear he's undecided, and may actually run for p.m. of the country. right now he serves technocratically. there's expected to be an election early next year, maybe in february or in march. he has told reporters that he's considering it. the cabinet member he spoke with earlier in the week said he's going to make an announcement sometime this week on television. when asked by reporters about his recent visit to the tomb of saint francis he said he did, indeed, pray there to help him make a decision about whether or not to run. a man eagerly awaiting monti's decision is silvio berlusconi, the former prime minister of italy. we're pretty sure he has not prayed at the tomb of st. francis lately. he has said that he devil wants to be run for prime minister again however at the same time he's also made noises t
to new allegations of bribery at its mexican affiliate. michelle caruso cabrera has the details. >>> and then what's christmas without some of the finest chocolates of the world? still ahead. ♪ [ engine revs ] ♪ ♪ [ male announcer ] the mercedes-benz winter event is back, with the perfect vehicle that's just right for you, no matter which list you're on. [ santa ] ho, ho, ho, ho! [ male announcer ] lease a 2013 c250 for $349 a month at your local mercedes-benz dealer. at your local wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than a witch in a broom factory. get happy. get geico. fifteen minutes could save you fifteen percent or more. >>> welcome back, everyone. in our headlines this morning would be toyota will pay about $17.4 million in civil penalties. toyota failed to report a safety defect. this is the fourth time in the last two years that toyota has been fined like this. toyot
by a picture of him embracing first lady michelle obama. aside from the u.s. election, other major events this year included the summer olympics, the super bowl, and superstorm sandy. a tongue twister. celebrities also packed a punch for twitter user. justin bieber, of course, held the title of most re-tweeted before obama's. news of whitney houston's death in february generated more than ten million mentions. humbling. >> i think boris yeltsin at the opec got hit -- >> his tweets or pictures -- >> i'm not sure why he got caught in the zip wire. >> right. right. and him at the opening ceremonies dancing awkwardly. >> him -- him at the opening ceremony got a huge amount of response. >> as it should. we want to know what your favorite tweet, hash tag, or tui tweet, pic -- i hate myself for those terms. get in touch by e-mail, worldwide@cnbc.com. you can also tweet us, @cnbcwex. >>> ahead, north korea held a rocket launch but the international community is hardly impressed. we'll have reaction in a few minutes. >>> welcome back to "worldwide exchange." here are the top three stories trending
of escape for christmas in italy. >> oh, yes, yes. it never ends over there. >> thanks, michelle. happy holidays to you. >>> we'll take a look at what is moving on this shortened day. >> going to ring the closing bell, we'll chat with him about the music business. the big debate is, is there a plan c for the whole fiscal cliff issue? never mind the pundits and the jokes. plan c doesn't stand for canada. the brief outline, the choices are getting narrow and not that hard to figure out. put up what that plan c looks like. the one on the table is still the old plan a. president obama's offer to raise taxes on the top 2%, restore the bush era tax cuts for the rest of us. yes there is talk about putting in spending cuts, raising medicare eligibility and changing the inflation measure for social security but that is still the one on the table. then there is the alternatives. the house passing that existing senate bill that's out there that would raise taxes on the top 2%. that doesn't include sequestration though. sequestration could happen so they have to either let it happen or insert some
by allies that are committed to actually backing his reforms. michelle caruso-cabrera joins us on set. you can see that andrew was taking some shots. >> a new camera. >> i'm so used to it wherever i go. andrew, we've got the fire behind you. >> it's summer cute. >> the sweater. >> yeah. >> but it's an orange -- i don't understand why it's orange. it's hal weeb. >> it's a red sweater. >> look at it. i know it's coming a little bit orangey. >> on tv. >> okay. >> lovely. thank you. love the guys in the control room. >> so here's italy. silvio berlusconi. your intro was about mario monti which is all true. silvio berlusconi, the former prime minister of italy -- >> my favorite. >> thank goodness for silvio berlusconi. >> look at his hair. what is he, 76? >> 76. he just sat down with cnbc italy over the weekend. silvio berlusconi says he does not want to run for prime minister, but, he is obligated to, because the country needs him so desperately. he is the only one that can bring together 40% of the people who vote for him, so that way the left does not control italy. >> he could not get 40%,
of civilian employees, what about the sequester going forward. michelle? >> hampton pearson from d.c. the phrase fiscal cliff topping the words to be ban issued this year. that brings us to this morning's squawk on the tweet. what other phrases should be banned and why. remember, keep it clean. we've got your responses throughout the morning. >> or don't, right? >> or don't. we'll clean it. >> when we come back, unquestionably one of the most mentioned stocks in 2012, for good and bad reasons. yeah, apple, posting gains of almost 30% for the full year. we'll find out what the new year could hold for the iconic company and its stock when we return. elcome to chevy's year-end event. so, the 5.3-liter v8 silverado can tow up to 9,600 pounds? 315 horsepower. what's that in reindeer-power? [ laughs ] [ pencil scratches ] [ male announcer ] chevy's giving more. now through january 2nd, no monthly payments until spring for qualified buyers. get the silverado for 0% apr financing for 60 months plus $1,000 holiday bonus cash. plus trade up for an additional $1,000 trade-in allowance. [ male
Search Results 0 to 28 of about 29 (some duplicates have been removed)